Power Metals Taps Albemarle Vet for Cesium Push, Eyes 2026 Production

VANCOUVER, BC – May 21, 2026 – Power Metals Corp. is signaling a significant strategic pivot from exploration to development, bolstering its leadership team with two high-profile appointments aimed at accelerating its flagship Case Lake cesium project in Ontario. The company has brought on former Albemarle director Eric Schrimsher to its Cesium Advisory Committee and appointed veteran communicator Luke Derbyshire as Vice President of Investor Relations, moves that underscore a clear intent to transition into a producer of the rare and critical mineral.

The appointments come at a pivotal time for Power Metals, which is advancing what is now considered the world's fourth-largest cesium resource towards a targeted production start in late 2026. By bringing in expertise from a global lithium and cesium powerhouse and strengthening its capital markets capabilities, the company is assembling the necessary pieces to capitalize on the unique and highly valuable mineral asset.

Bolstering the Brain Trust for a Critical Mineral

The addition of Eric Schrimsher to the company's Cesium Advisory Committee is a move that has captured the attention of the mining industry. Schrimsher brings over 15 years of global exploration experience, including senior roles at mining giant BHP and, most notably, Albemarle, a leading global producer of lithium and an emerging offtake partner for cesium. His direct experience leading lithium and cesium exploration programs and his role in developing Albemarle's global lithium mineral systems model provide Power Metals with elite-level technical insight.

Established in 2024 and led by renowned cesium expert Dr. Nigel Brand, the Cesium Advisory Committee is tasked with educating the market on cesium's strategic importance and guiding the development of the company's West Joe deposit. Schrimsher’s expertise in pegmatite exploration, resource development, and mine planning is expected to be invaluable as the company works to expand its resource and finalize its development strategy.

Complementing this technical reinforcement is the appointment of Luke Derbyshire as Vice President of Investor Relations. With more than 25 years of experience in corporate communications, investor relations, and capital markets across Australia, North America, and the UK, Derbyshire is well-equipped to guide the company's market strategy. Having consulted for the company for the past two years, his transition to a permanent role signals a ramp-up in engagement with investors, governments, and First Nations stakeholders as the project moves toward the capital-intensive development phase.

Haydn Daxter, CEO of Power Metals, commented on the strategic nature of the hires. "These appointments strengthen our technical, strategic and capital markets capability as we continue to advance our flagship Case Lake cesium project toward development," he stated in a press release. "As we continue to build momentum at Case Lake, their respective experience will support our engagement with investors, strategic partners, government, First Nations and other key stakeholders."

Cesium's Rise and the Race for North American Supply

The strategic maneuvering by Power Metals is set against the backdrop of cesium's growing importance and its precarious supply chain. Designated a critical mineral by both the United States and Canada, cesium is a rare alkali metal with unique properties that make it irreplaceable in a variety of high-tech and defense applications.

Its most famous application is in atomic clocks, the world's most precise timekeeping devices, which are fundamental to GPS navigation, telecommunications infrastructure like 5G, and global financial networks. It is also crucial for cesium formate brines used in high-pressure, high-temperature oil and gas drilling, as well as in aerospace, medical imaging, and advanced electronics.

Despite its importance, the global supply of cesium is extremely limited and geologically rare, sourced almost exclusively from the mineral pollucite. Historically, only a few mines in Canada, Zimbabwe, and Australia have produced the mineral in commercial quantities. This scarcity is compounded by a highly concentrated supply chain, with some estimates suggesting that up to 85% of the global supply is under Chinese control, creating significant supply chain risk for Western nations. With the global cesium market projected to grow from approximately USD 364 million in 2024 to over USD 600 million by 2032, the need for a secure, reliable North American source is more acute than ever.

Case Lake: A World-Class Asset Nearing Development

At the heart of Power Metals' strategy is its 100%-owned Case Lake Property, located 80 km east of Cochrane, Ontario. The project is home to the West Joe dyke, which is recognized as one of the highest-grade cesium systems ever discovered globally, with pollucite lenses returning grades as high as 26% cesium.

In June 2025, the company announced a maiden Inferred Mineral Resource Estimate (MRE) for West Joe, defining 13,000 tonnes of cesium grading an impressive 2.40% Cs2O. This resource estimate, covering just one of several known pollucite-bearing dykes on the property, firmly established Case Lake as a globally significant cesium asset. The company has identified strong potential to expand this resource, with an additional exploration target of 11,000 to 15,000 tonnes of cesium at West Joe alone, alongside 17 other untested targets on the district-scale property.

A pivotal milestone was reached in December 2025 when Power Metals secured a strategic partnership with Albemarle. The chemicals giant agreed to a CAD$5 million pre-payment for cesium oxide concentrate from Case Lake, providing non-dilutive funding and, more importantly, a powerful validation of the project's quality and a clear path to market. This partnership anchors the project's future and positions it as a cornerstone in a rebuilt North American cesium ecosystem.

With a Preliminary Economic Assessment (PEA) expected to be completed shortly and baseline environmental studies underway, the company is systematically de-risking the project. It is also actively working with the Apitipi Anicinapek Nation on an Impact Benefits Agreement, ensuring local partnership and support.

A Strategic Pivot from Exploration to Production

The appointments of Schrimsher and Derbyshire are not merely additions to the corporate roster; they represent the final pieces of a puzzle Power Metals has been assembling for years. The company now possesses a world-class, high-grade asset, a strategic offtake partner in Albemarle, and a dedicated expert committee. With its leadership team now fortified with top-tier technical and market-facing expertise, Power Metals is making a definitive statement about its readiness to transition from a junior explorer to a near-term producer.

These strategic moves are designed to ensure the company is fully prepared to capitalize on its high-grade asset and meet the growing demand for this indispensable mineral.